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NZ Superannuation Fund - Source: ONE News -
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Retired New Zealanders who decide to travel the globe will be able to claim their superannuation as they go.
The Social Assistance (Payment of Superannuation and Veteran's Pension Overseas) Amendment Bill was passed unanimously in Parliament on Wednesday.
The bill, introduced by the previous Labour government, allows superannuitants and veteran pensioners living or travelling overseas to claim their full allowance.
Social Development and Employment Minister Paula Bennett says retirees nowadays were not content "to be regaled by the adventurous tales of the overseas experiences (OE) of their grandkids".
"They want their own OE."
"After a lifetime of working and dutifully paying taxes, they want more out of their golden years than just sitting in a rocking chair waiting for Coronation Street to start."
Superannuitants and pensioners previously received 50% of their allowances.
Their entitlement would now be based on how long they lived in New Zealand between the ages of 20 and 65.
Time spent overseas in the armed forces, receiving medical treatment or training, working in an embassy or volunteering will count as residing in New Zealand for the calculation.
The changes do not affect people in Australia, Canada, Greece, the Netherlands, Jersey and Guernsey, Denmark, Ireland and the United Kingdom, with whom New Zealand has reciprocal agreements, or those in the Pacific Islands
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